Postcard from Istanbul

Istanbul is a city of crossroads—of continents, empires, and destinies. It is where Europe meets Asia, where the past collides with the present, and where the skyline is punctuated by domes and minarets that echo the call to prayer. The Bosphorus, ever watchful, carves its way between the two worlds, a shimmering artery that has carried centuries of traders, conquerors, and dreamers.

Life unfolds in layers here. The streets are ruled by cats—perched on café tables, stretching lazily in the sun outside mosques, or watching over shopkeepers from their chosen corners. They navigate the chaos with effortless grace, slipping through the city’s rhythm like ghosts of Byzantium. Perhaps they, more than anyone, truly own Istanbul.

And in the midst of it all, people live with a pace both frenetic and unhurried. Cafés hum with conversation late into the night, with friends lingering for hours over a single coffee. It gives the city an illusion of warmth, a kind of intimacy that you can observe from the outside but not always step into.

But Istanbul is more than just its atmosphere—it is a giant of industry, trade, and commerce, a modern metropolis balancing its deep historical roots with the demands of a rapidly evolving economy. Covering 5,600 square kilometers—larger than London—it is home to 16 million people, nearly 20% of Türkiye’s population. The city’s infrastructure reflects its scale; while the subway and train systems are efficient, the bus network remains notoriously difficult to navigate, making cars almost essential for moving between its many districts.

Istanbul’s urban fabric is shaped by its 3,000 mosques, their rhythmic call to prayer forming an invisible grid over the city’s vast sprawl. Each district offers a distinct identity—Kadıköy, Caddebostan, Göztepe, Bebek, and Arnavutköy felt the most familiar to me, blending energy with elegance. No matter where you are, the sea is never far; the Bosphorus is a constant companion, perfect for morning runs or long walks.

It is a city of extremes—where economic power and political uncertainty intertwine, where resilience fuels opportunity, and where the weight of history presses against the forces of change.

At first, I thought: Life is good here.

The Weight of Reality

Yet, after two weeks, I began to feel the city’s hidden tensions. Connecting with people was harder than in other places I’ve traveled to. At first, I thought it was just the city’s fast pace—people always seemed busy. But after speaking with locals, it became clear that morale is low, shaped by the weight of political instability and economic hardship.

Conversations often drifted into frustration:

“He killed the economy and made the country unattractive to investors, impoverishing the people.”

Türkiye was once a strong candidate for European Union membership, attracting significant foreign investment—at one point, 50% of investors in the country were international. But disastrous monetary policies and hyperinflation (which peaked at 85% in 2022) have driven many away, leaving the economy unstable and unpredictable. Today, median salaries are often not enough to cover rent in Istanbul. What people could afford just a few years ago is now out of reach. 

“There is no justice anymore in Türkiye.”

Erdogan’s control over public—and in some cases, private—institutions means that judges and high-ranking officials lack independence. This sentiment even extends to football (a very important part of the culture), where some believe clubs and players are no longer treated fairly during matches.

“He empowers the religious communities that support him.”

Religion has become an increasingly dominant force in public life. More women wear the hijab than before, and the call to prayer resonates even in historically secular districts like Kadıköy. Erdogan has strategically placed his supporters within government institutions and large corporations, reinforcing his influence. Additionally, he has encouraged Muslim tourists from abroad to visit Türkiye, reshaping the country’s tourism industry.

While Türkiye remains a democracy on paper, the reality feels closer to an autocracy. But beyond political control, the most concerning aspect for many is the shift toward religious conservatism. The divide between Erdogan’s supporters and his opposition is stark, and there is a lingering nostalgia for Atatürk’s era—when Türkiye embraced modernity and secularism.

Atatürk’s impact cannot be overstated. From abolishing the Ottoman caliphate in 1923 to championing secular education and women’s rights, his reforms defined Türkiye’s identity. Every year, on November 10th at 9:05 AM, the country stops to honor his passing—a testament to his enduring legacy.

Resilience and renewal

The atmosphere in Istanbul feels heavy. People are cautious, more reserved. Economic uncertainty has made life unpredictable, making it difficult for anyone to feel truly grounded. But this same instability has also shaped one of Türkiye’s greatest strengths—its entrepreneurs.

Turkish business owners have learned to navigate volatility, building resilient companies that succeed even in the toughest conditions. Their adaptability has led to success not only in Türkiye but also in markets like Africa and Russia, where they apply their resourcefulness to thrive. Türkiye’s entrepreneurial spirit remains unmatched.

With inflation eroding purchasing power, Turks have turned to alternative stores of value. Gold has long been a cultural and financial safe haven, and the Grand Bazaar remains one of the world’s most important gold trading hubs. But a more modern shift has taken hold—cryptocurrency.

By 2024, more than 52% of the population had invested in digital assets, up from 40% in 2021. Türkiye is now one of the world’s largest adopters of crypto, driven by a need to protect wealth from the volatility of the lira.

Investment Landscape & Major Players

For investors, Türkiye offers both opportunity and risk. The market is highly volatile, with retail investors making up 90% of daily trading volume. Corporate governance remains opaque, as most major companies are family-owned and reluctant to engage with minority shareholders. However, businesses with strong pricing power and cash-heavy balance sheets have managed to leverage inflation to their advantage.

During my time in Türkiye, several key companies and investment themes came up in conversations with investors:

Source: Investing.com, Influidence

At the heart of Türkiye’s corporate world are its controlling families, shaping industries and driving economic activity:

• Koç Family – Owners of Türkiye’s largest industrial conglomerate. Active in energy, automotive, finance, and consumer goods.
• Doğan Family – Interests in media, energy, insurance, and tourism.
• Sabancı Family – Textiles, automotives, banking, and cement.
• Şahenk Family – Media, retail, energy, and tourism.
• Ülker Family – Known globally for acquiring Godiva Chocolatier and United Biscuits.

Görüşmek üzere!

Investing in Türkiye requires caution. The country’s potential is undeniable—its professionals are highly skilled, and its entrepreneurs are world-class. But navigating the market without deep cultural and economic insight seems challenging. Political uncertainty makes it difficult to gain an edge, and the risks are high. As several people mentioned, “It will get better but we don’t when”.

I might return to explore some companies (Tab Gıda, Türkiye Sigorta) further, but I remain skeptical about finding the level of quality I look for in companies.

One thing is certain—I will return to experience Istanbul again. Its energy, stunning architecture, and breathtaking views of the Bosphorus make it a city like no other. Despite its challenges, it remains extraordinary. It is a place that will stay with me long after I’ve left.

Bebek, view on the BosphorusA random cat while shampoo shopping …